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Sierra Madre, CA 91024 483 533 Sturtevant Drive

$9,500,000

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Presented By: Robert Stepp with Keller Williams - Santa Monica; 310-463-2916
  • MLS# PW23175309
  • 09/19/2023
  • Request Tour
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  • BedBeds • 22
  • BathBaths • 6
  • FootageSQFT • 8,400

Home Details

Nestled against the San Gabriel Wilderness, Sierra Court Cottages offers an investor the opportunity to own a unique 15-cottage community spread across eight (8) parcels in Sierra Madre, totaling 31,712 square feet. The 15 cottages are comprised of various configurations, and have been tastefully renovated to maintain the original artistic integrity of the site. Current ownership has spent nearly $1.2 million on capital improvements including new electric, plumbing, roofing, exterior work and landscaping. Current operating expenses are low due to the implementation of resident utility billing (RUBS) across the community, allowing new ownership to operate the asset at a sub 30% expense ratio. The site qualifies for the construction of six (6) ADUs totaling 3,800 square feet of rentable space. Current ownership has begun the planning process and completed a site survey for construction. By adding the six (6) ADUs, new ownership can recognize a return on construction costs of over 260%. Optionally, new ownership could choose to sell each parcel separately, before or after construction of ADUs, to recognize premium ROI.
Presented By: Robert Stepp with Keller Williams - Santa Monica; 310-463-2916

Interior Features for 483 533 Sturtevant Drive

Other Interior Features

Air Conditioning Y/NNo
Basement (Y/N)No
Common WallsItem1CommonWall
Electric On Property Y/NNo
Fireplace Y/NNo
Heating Y/NNo
Laundry FeaturesCommonArea, Inside
Street SuffixDrive
Total Stories1

Other Rooms

Entry Level1

General for 483 533 Sturtevant Drive

Additional Parcels Description5764-017-011, 5764-017-026
Additional Parcels Y/NYes
Attached Garage No
Building Area UnitsSquareFeet
Cap Rate4.26
Carport Spaces2.0
Carport Y/NYes
CitySierra Madre
Community FeaturesMountainous
CountyLos Angeles
Days on Market247
DirectionsWoodland Dr
Electric Expense1249.5
Entry Location1
Fuel Expense1249.5
Garage Spaces0.0
Garage Y/NNo
Gross Income563198.0
HOA / Comm AssnNo
Home Warranty Y/NNo
Insurance Expense6012.0
Land Lease Y/NNo
Lease Considered Y/NNo
Lease Renewal Y/NNo
LevelsOne
Listing TermsCash, CashtoNewLoan, Item1031Exchange
Lot Size Square Feet31712.0
MLS Area656 - Sierra Madre
MaintenanceExpense9750.0
MobileHomeRemainsYNNo
Net Operating Income404572.0
New ConstructionNo
Open Parking Spaces22.0
Operating Expense158627.0
Pool FeaturesNone
Private PoolNo
Property Attached Y/NYes
Property Sub Type AdditionalMixedUse
Property SubTypeMixedUse
Property TypeResidentialIncome
Rent Control Y/NYes
Senior Community Y/NNo
SewerPublicSewer
Special Listing ConditionsStandard
Standard StatusActive
StatusActive
Stories1
Street NameSturtevant
Tax Lot18
Taxes$108,544
Total Units15
Trash Expense1249.5
View Y/NNo
Water Sewer Expense1249.5
Waterfront Y/NNo
Year Built1923
Year Built SourceAssessor
ZoningSRR1-CUP*

Exterior for 483 533 Sturtevant Drive

Building Area Total8400.0
Crops Included Y/NNo
Horse Y/NNo
Irrigation Water Rights Y/NNo
Lot FeaturesItem1115UnitsAcre
Lot Size Acres0.728
Lot Size Area31712.0
Lot Size SourceAssessor
Lot Size UnitsSquareFeet
Number of Buildings10
Number of Separate Electric Meters15
Number of Separate Gas Meters15
Number of Separate Water Meters1
Open Parking Y/NNo
SpaNo
Total Parking24.0
Water SourcePublic

Additional Details

Price History

1527188455

First Team Client Services

Price $9,500,000
MLS#PW23175309
List Date 09/19/2023
Property Type Multi-Family
Phone 714.964.3311
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CRMLS Compliance Statements & Disclaimers

*According to the National Association of Realtors